Chord Energy (NASDAQ:CHRD) Hits New 52-Week High – Time to Buy?

Shares of Chord Energy Corporation (NASDAQ:CHRD) reached a new 52-week high during trading on Monday . The company traded as high as $151.00 and last traded at $151.4080, with a volume of 259592 shares trading hands. The stock had previously closed at $148.39.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CHRD shares. Williams Trading set a $189.00 price objective on Chord Energy in a research note on Monday, April 20th. Weiss Ratings raised Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 17th. Mizuho lifted their target price on shares of Chord Energy from $162.00 to $164.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Roth Mkm reiterated a “buy” rating and set a $140.00 target price (up from $130.00) on shares of Chord Energy in a research report on Friday, April 17th. Finally, Truist Financial dropped their target price on shares of Chord Energy from $187.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $156.15.

Chord Energy Trading Up 0.8%

The company has a market cap of $8.42 billion, a PE ratio of -132.58 and a beta of 0.52. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average price of $135.21 and a 200 day moving average price of $109.48.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.51 by $1.05. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The firm’s quarterly revenue was up 37.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.04 earnings per share. Sell-side analysts predict that Chord Energy Corporation will post 18.61 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be paid a $1.30 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.5%. Chord Energy’s payout ratio is currently -460.18%.

Insiders Place Their Bets

In other news, EVP Michael H. Lou sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $125.47, for a total transaction of $1,882,050.00. Following the completion of the transaction, the executive vice president directly owned 82,699 shares of the company’s stock, valued at $10,376,243.53. The trade was a 15.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Shannon Browning Kinney sold 1,801 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total value of $205,962.36. Following the sale, the executive vice president owned 20,188 shares of the company’s stock, valued at approximately $2,308,699.68. This trade represents a 8.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 31,927 shares of company stock worth $4,011,738 over the last three months. Company insiders own 0.79% of the company’s stock.

Institutional Trading of Chord Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Quantinno Capital Management LP increased its position in Chord Energy by 68.7% in the first quarter. Quantinno Capital Management LP now owns 31,889 shares of the company’s stock worth $4,534,000 after buying an additional 12,983 shares in the last quarter. SummitTX Capital L.P. purchased a new stake in shares of Chord Energy in the first quarter worth $1,059,000. Entropy Technologies LP purchased a new stake in shares of Chord Energy in the first quarter worth $470,000. Morningstar Investment Management LLC purchased a new stake in shares of Chord Energy in the first quarter worth $2,882,000. Finally, Compound Planning Inc. purchased a new stake in shares of Chord Energy in the first quarter worth $915,000. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD), formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.